Co-Signing how it affects me.

surgemorales · ‎10-25-2013

My question is does it hurt my credit to cosign. Im rebuilding my credit and currently my score is at 746, and in attempting to help someone that has no credit will it affect me if the secured card is $200 bucks.

I currently in the process of rebuilding my credit. Experian has me at 740 and I've had a WF $500 secured card for about 2 years. I just recently got Macy $300 - Walmart $200 - Bank of America $500 (secured) - Chase Freedom $1K - Kohls $300 - JCrew $300 - Barclaycard - 1K - Buckle $300 - Sears Mastercard $400 - BestBuy Mastercard $400 - Guess I am gardening since Dec 31, 2013 for at least 6 months. Im screwed up during the holidays and acquired 6 new credit cards. Its so difficult!

myjourney · ‎10-25-2013

@surgemorales wrote:
My question is does it hurt my credit to cosign. Im rebuilding my credit and currently my score is at 746, and in attempting to help someone that has no credit will it affect me if the secured card is $200 bucks.

Other than the HP it will not hurt you unless of default at which time you would feel the pain of co-signing

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

armbenderc · ‎10-25-2013

@myjourney wrote:
@surgemorales wrote:
My question is does it hurt my credit to cosign. Im rebuilding my credit and currently my score is at 746, and in attempting to help someone that has no credit will it affect me if the secured card is $200 bucks.
Other than the HP it will not hurt you unless of default at which time you would feel the pain of co-signing

True. Also, if you co-sign someone for an auto loan, and want to get another one of your own, the amount own from co-signing will also considered by auto lender when buying another car. I have 4 cars on my name at one point and the 4th one that I got was almost a bad deal because I was on 2 co-signed for family.

Now those two cars loan are paid. I am relief.

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%

Anonymous · ‎10-25-2013

If you are talking about co-signing for a secured credit card, the other person without any credit should be able to get a secured card without you co-signing. Cap One should be happy to help them. Otherwise, I think BofA is good with secured cards for no credit people and many credit unions have similar programs.

Revelate · ‎10-25-2013

@Anonymous wrote:
If you are talking about co-signing for a secured credit card, the other person without any credit should be able to get a secured card without you co-signing. Cap One should be happy to help them. Otherwise, I think BofA is good with secured cards for no credit people and many credit unions have similar programs.

+1. BOFA, Cap One, SDFCU, no reason to look elsewhere in my opinion. SDFCU doesn't even check credit for membership or secured cards and it's one of the best out there.

@Anonymous said, @OP - I wouldn't cosign such an endeavor: if they screw up the card, it will wind up on your credit report. Not worth it over something that really shoudln't need a co-signer anyway.

maiden_girl · ‎10-26-2013

I agree. Don't co-sign for something like a secured card. That can easily be obtained by a person with no credit history.

As of 2017, rebuilding...

blk8 · ‎10-26-2013

I highly advise against co-signing on anything. Unless you want to risk spending your time on the "rebuilding forum", I wouldn't do it.

FICO: EX 662 | EQ 670 | TU 681

sjt · ‎10-27-2013

@surgemorales wrote:
My question is does it hurt my credit to cosign. Im rebuilding my credit and currently my score is at 746, and in attempting to help someone that has no credit will it affect me if the secured card is $200 bucks.

I strongly recommend you DO NOT co-sign for a loan/credit card etc.

If the person you are helping has no credit they can get a secured credit card on their own. At best, you can loan them the few hundred dollars to open the account.

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
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Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 12.24, EX: 816 / EQ: 825 / TU: 818

CreditSeductress · ‎10-28-2013

+ Infinity

That is one of my Cardinal Rules. Never co-sign for ANYONE! Help them build their own credit. If someting goes wrong, your credit will suffer!

My cousin had 3 cars repo'd. He then asked me to Co-Sign for him a car......All I could do was look at him and laugh, because he had lost his d%mn mind!